APR

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APR is the commonly used acronym for the Annual Percentage Rate of the total charge for credit: this is the standard way (as laid down by the Consumer Credit Act 1974 and the Financial Services Authority) of working out the true interest rate.

All lenders are legally obliged to show the APR alongside quoted interest rates for each mortgage term, this enables you the potential borrower to accurately compare mortgages from different lenders to work out exactly how much you will repay on your loan each month.

If you need any more information, then simply speak to an expert today.